In most economies, the price elasticity of demand is negative for most products. This means that at a rising price the requested quantity goes down and at a falling price up. A Veblen-good, together with a Giffen-good, constitutes an exception; The price elasticity of the demand of that good is positive. At an increasing price of this good, the amount of that demand will increase properly. Veblen goods are named after Thorstein Veblen. Example
An example of Veblen-good are jewelry. These are excluded by their high price, which means their property is considered as status enhancing. In case of a possible price reduction, some queries will lose the exclusive character and will decrease the demand, while there will be no new queries at the high price. Also see
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